Indika completes 10% acquisition of Southwest Bird?s Head PSC
Thursday, May 30 2013 - 03:53 AM WIB
IDX-listed PT Indika Energy announced that wholly-owned subsidiary PT Indika Multi Daya Energi has completed the acquisition of a 10 percent participating interest in the Total-operated Southwest Bird?s Head PSC.
Indika said in a filing on Wednesday that the transaction has secured approval from Energy and Mineral Resources Ministry.
After the transaction, Total E&P Indonesie West Papua will hold the remaining 90 percent interest.
Total was awarded the PSC in August 2011 as part of the Second Round 2010 Regular Tender. This exploration block is located in the on-offshore Salawati Basin of West Papua, covering an area 7,176 square-km.
The first exploration well is planned to be spudded by end of June 2013.
Editing by Dadan Wijaksana